Are you considering opening a trading account with BlackBull Markets? As a forex and CFD broker, BlackBull Markets offers a good selection of tradeable symbols and competitive pricing. But is it the right choice for you? In this review, we’ll take an in-depth look at all aspects of BlackBull Markets to help you decide. From its offering of investments and commissions and fees to its mobile trading app, research and education resources, customer service, and deposit and withdrawal options, we’ve got all the information you need to make an informed decision. So if you’re thinking of trading with BlackBull Markets, be sure to read on for our full BlackBull Markets review.
About BlackBull Markets
BlackBull Markets was founded in 2014 and is headquartered in New Zealand. It is fully authorized by the Financial Markets Authority (FMA) in New Zealand and registered on the Financial Services Provider Register (FSPR). The broker also holds a license in the offshore island nation of Seychelles with the Financial Services Authority (FSA).
Offering of Investments
BlackBull Markets offers a total of 281 tradeable symbols, which is a decent offering but on the lower end compared to some other industry leaders. The broker offers a variety of forex pairs, as well as CFDs on indices, commodities, and cryptocurrency. It is worth noting that while BlackBull Markets does offer cryptocurrency trading through CFDs, it is not available through trading the underlying asset (e.g. buying Bitcoin). It is also worth noting that crypto CFDs are not available to retail traders from any broker’s UK entity, nor to UK residents.
Negative Balance Protection
Negative balance protection is a feature that prevents a trader’s account balance from going below zero. This means that if a trade results in a loss that exceeds the balance of the trader’s account, the balance will not go negative.
Negative balance protection is intended to protect traders from excessive losses and can be a useful feature for traders who are using leverage or trading on margin. It can help traders manage their risk and avoid situations where they owe money to their broker.
However, it is important to note that negative balance protection does not guarantee profits or prevent losses. It simply limits the potential losses that a trader can incur. Traders should still be cautious and carefully manage their risk when trading with leverage or on margin.
Commissions and Fees
The cost of trading with BlackBull Markets is similar to other brokers in the industry and will vary based on the account type selected. The broker offers three different account types: Standard, ECN Prime, and ECN Institutional. The Standard account is commission-free, but spreads are on the higher end compared to the ECN Prime account. The ECN Prime account offers lower spreads, but requires a minimum deposit of $2,000 and has a commission of $3 per side or $6 round turn per lot. The ECN Institutional account is BlackBull’s more exclusive option for active traders that deposit at least $20,000, with commission rates that are negotiated on a case-by-case basis.
Mobile Trading Apps
BlackBull Markets does not have a proprietary mobile app, which puts it at a disadvantage compared to some other industry leaders that do offer a dedicated app. However, the broker does offer the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite for both iOS and Android devices, which can be downloaded from the Apple App Store and Google Play store, respectively. These apps offer a range of features such as mobile alerts, watchlists, charting tools, and a forex calendar.
Other Trading Platforms
BlackBull Markets is predominantly a MetaTrader broker, offering the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform suite for desktop and web. It does not offer any platform add-ons beyond those available on the MetaTrader platform. However, it does support third-party social copy trading apps such as ZuluTrade and MyFxbook, as well as VPS hosting from BeeksFX for a monthly fee. In addition to MetaTrader, BlackBull Markets also offers TradingView and HokoCloud.
Research and Education
BlackBull Markets does not offer much in terms of research and education beyond what is available on the MetaTrader platform. It does not have any in-house analysts or research tools, and does not provide any educational resources or webinars. This may be a drawback for traders who are looking for a broker that offers a more comprehensive range of research and education resources.
BlackBull Markets offers customer service through live chat, email, and telephone. The broker’s customer service team is available 24/5, with shorter hours on the weekends. In our experience, the customer service representatives were knowledgeable and able to answer our questions in a timely manner.
Deposit and Withdrawal Options
BlackBull Markets offers a variety of deposit and withdrawal options, including bank wire, credit/debit card, Skrill, and Neteller. It is worth noting that the broker does not offer ACH or SEPA transfers, nor does it accept PayPal as a deposit or withdrawal method. The minimum initial deposit for all account types is $0, which is a plus for traders who are just starting out and want to test the waters with a smaller investment.
Overall, BlackBull Markets is a decent forex and CFD broker that offers a good selection of tradeable symbols and competitive pricing. It is fully authorized by the Financial Markets Authority (FMA) in New Zealand and registered on the Financial Services Provider Register (FSPR), which adds to its credibility as a reputable broker. However, the lack of a proprietary mobile app and limited research and education resources may be a drawback for some traders. Additionally, the lack of ACH or SEPA transfers and no support for PayPal may be inconvenient for some traders. Click here to get started with BlackBull Markets today.